MRT Corp calls for tender to build and finance MRT3 line
MRT Corp has invited local construction and infrastructure development firms to participate in the tender process to build, on a turnkey basis, and provide financing for the upcoming MRT3, which analysts have estimated to cost between RM35 billion and RM40 billion. The successful applicant will be responsible for the engineering, procurement, construction, testing and commissioning of the 40km MRT3 line, featuring 32km of twin-bored tunnels and 8km of elevated viaducts. MRT Corp has outlined a series of requirements for prospective applicants, who are required to attend a tender briefing on Nov 15. (The Edge Markets)
After deadly floods, engineers urge focus on climate change
The Institution of Engineers (IEM) has urged Putrajaya to shift its attention to climate change, after the deadly floods in Penang and Kedah over the weekend. Noting that many places in Malaysia were already experiencing rainfall exceeding the 100-year Average Recurrence Interval (ARI), IEM president Tan Yean Chin said the climatic change factor should be considered in all the development and flood mitigation measures. The capacity at most river and drain systems in Penang and Kedah, Tan said, is less than 100-year ARI. He proposed the government to implement a comprehensive and integrated flood mitigation masterplan to cater for development planning. (Malay Mail Online)
IJM to build HSBC office at TRX for RM392mil
IJM Construction Sdn Bhd has entered into an agreement with HSBC Bank Malaysia Bhd to design, construct and complete HSBC’s office building at Tun Razak Exchange (TRX) for a contract sum of approximately RM392 million. The contract sum is not inclusive of the lifts and facade works, which will be procured directly by HSBC. The project is scheduled to go on for 37.5 months and is anticipated to be handed over to HSBC by December 2020. (The Sun Daily)
LBS Bina celebrates longevity in property development
LBS Bina Group Bhd is celebrating its 25th anniversary in the property development industry and its 15th anniversary being listed on Bursa Malaysia’s main board this year. In conjunction with the celebration, LBS organised a media appreciation night last week, with the theme “Let’s Sail In Style on board the LBS Royal Cruise” inspired by the group’s calm and occasionally bumpy journey throughout the years. LBS group managing director Tan Sri Lim Hock San said the company; via its future property launches, remains committed to raising home ownership among the rakyat. (NST Online)
LBS Bina Group Bhd group managing director, Tan Sri Lim Hock San (fourth from right) and executive directors (Photo from New Straits Times)
PNB taking opportunistic approach to determine overseas investments
Permodalan Nasional Bhd (PNB) is taking an opportunistic approach in determining the direction of its international investments to ensure the depositors get high returns. Its Chairman, Tan Sri Abdul Wahid Omar, said the group is currently studying the right market, including the United States, Europe, ASEAN and North Asia, as well as right timing to grow its international investments, which are relatively low. 98% of its investments are in Malaysia, with 2% overseas. In terms of potential international market for both equities and real estate, he said the investment destination would be in more developed and stable markets where PNB was more familiar and comfortable with. (NST Online)
Eastland proposes rights issue to fund RM23mil land acquisition
Eastland Equity Bd has proposed a renounceable rights issue of up to 294.8 million shares to fund the acquisition of development land in Kota Kinabalu. The proceeds of the issuance will go towards the proposed acquisition of 2,181.8sqm of leasehold development land in Kota Kinabalu, with any excess funds going towards the repayment of bank borrowings and working capital. Its unit, FBO Land (Setapak) Sdn Bhd, had inked an agreement with property developer PCK Properties Sdn Bhd for the cash purchase of the land for RM23.26 million. The land has been approved for a proposed mixed-commercial development consisting of a 28-storey three-star hotel with four levels of retails lots, six levels of multi-storey carpark and a basement. The project has an estimated GDV of RM356.92mil, and targeted to begin in 1Q2018. (The Star Online)
MITI: Malaysia invested RM225bil overseas between 2012 and 2016
Malaysian direct investment overseas reached RM225.22 billion between 2012 and 2016, according to the Ministry of International Trade and Industry (MITI). Malaysian investment in the US reached RM67 billion as at end-2016 in sectors like equity, innovation and technology, sales and marketing, manufacturing, hospitality and entertainment. Meanwhile, Malaysian investments into seven main European Union countries – UK, Germany, France, Netherlands, Belgium, Italy and Spain – totaled RM127.9 billion in the same period, mainly in sectors like utility, property, oil and gas, and palm oil and rubber. Malaysian investment in China amounted to US$7.5 billion (RM33 billion), it said, and were in industries like desalination of sea water, sea port operation, hospitality, manufacturing, retailing, property, water treatment plant, education, finance and insurance. (The Edge Markets)
SC to launch cryptocurrency framework in coming months
The Securities Commission Malaysia (SC) said it is working closely with Bank Negara Malaysia (BNM) in coming out with a framework on cryptocurrency, and expects to launch it in the next few months. It is also involved in discussions at the International Organization of Securities Commissions regarding the matter. Due to growing interest of Malaysian investors in trading cryptocurrencies and digital assets, and to facilitate such activities and place investor safeguards, SC is reviewing the relevant regulations and guidelines. (The Edge Markets)
Zahid: Bankruptcy release for 50,000 individuals in five years
The government aims to release about 50,000 individuals from bankruptcy status in the next five years. Deputy Prime Minister Datuk Seri Dr Ahmad Zahid said for a start, 20,000 borrowers who had been declared bankrupt on technicality or for being a social guarantor would be free of the status in one year. “We want to release them from the burden they had to bear as social guarantors. We want this matter to be resolved 100 per cent within five years,” he said. (The Star Online)
